Betterment Checking Review [2025]: Best for International Travel

Betterment checking account basics

APY	Not an interest-bearing account
Joint accounts available?	Yes
Minimum deposit to open account	$0
Monthly maintenance fees	$0
ATM access	Yes, use any ATM worldwide with fees refunded
Transaction limits	Up to $510 per day in ATM withdrawals Up to $2,000 per day for debit card transactions Up to $10,000 per day in ACH deposits, $5,000 per day in ACH withdrawals
FDIC insured	Yes; Betterment partners with nbkc bank (FDIC Cert. #35014) to insure accounts up to $250,000
Rewards	Cashback rewards offered at a number of retailers, including Costco, Adidas, and Sam's Club

Who is Betterment checking best for?

We might recommend a Betterment checking account for you if:

• You travel frequently and are looking for a checking account you can use in different countries.
• You want a simple checking account with fee-free ATM access.
• You already invest with Betterment or want to.

This is a no-stress checking account that's well set up for everyday use, and this is the best checking account we've found for international travel. If you enjoy traveling, you won't have to worry about pesky ATM fees in other countries or even foreign transaction fees. Even in countries where I won't use as much cash, I still want to avoid foreign transaction fees when I make a debit card purchase in a different currency. With Betterment, those fees are reimbursed. Plus, we've found the app to be user-friendly and secure, making it easy and safe to manage your money wherever you are.

This account has no minimum deposit requirement, no monthly maintenance fees, and no overdraft fees. While not having these fees is pretty common for online checking accounts these days, it's nice that Betterment takes it a step further with ATM fee reimbursements and no minimum deposit.

As a customer, I also value that Betterment offers a range of accounts for my different financial needs. While the checking account is great for travel, I can also access my Roth IRA and savings account from the same app. Having the option of a one-stop shop for all of your financial needs is a huge perk that not all online financial institutions offer.

Betterment checking benefits

The Betterment checking account offers the following key benefits. 

• ATM and foreign transaction fee reimbursement. Use your Betterment debit card at any ATM worldwide where Visa cards are accepted, and Betterment will reimburse any ATM-associated fees. It will also reimburse the 1% fee Visa charges for foreign transactions, purchases, and ATM transactions. Translation? You get to shop or withdraw cash without paying fees.
• Excellent mobile app. Like many of the best checking accounts, Betterment also offers an easy-to-use mobile app for both Apple iOS and Android devices. 
• No sneaky fees. In addition to reimbursing ATM fees and foreign transaction fees, Betterment has also eliminated overdraft and account minimum fees. If a transaction would cause your account to go into overdraft, Betterment will simply block the transaction from happening, without charging any penalty. You'll also never need to worry about keeping a minimum balance in your account.
• No minimum deposit to get started. You won't need to come up with a minimum deposit or account balance to start using this checking account. 
• Cashback rewards. The Betterment checking account offers instant cashback rewards when you use your debit card at certain retailers like Sam's Club and Costco. The rewards can change at any time but often offer up to 5% back on select purchases. To see what rewards are available at a given time, navigate to the "Earn Rewards" section of the app or website.
• Contactless debit card. Just tap your Betterment Visa debit card on any contactless pay terminal for faster transactions.

Betterment checking disadvantages

The Betterment checking account offers a great overall experience that sets it apart from many accounts, but there are potential downsides you should be aware of if you're trying to decide whether it's right for you.

• Relatively low transaction limits. While limits vary across different financial institutions, the $510 daily ATM withdrawal limit and $2,000 daily limit on debit card transactions are relatively low when compared to some big banks. However, Betterment may temporarily adjust these to accommodate specific purchases.
• Availability of physical checks. Having the ability to write a physical check can be convenient. While Betterment does offer paper checks, you can't order them directly from the company. Instead, you will have to obtain a verification letter from Betterment and then order the checks from a verified merchant, like Costco, Walmart, or Vistaprint. 
• No physical locations. Betterment operates entirely online and does not offer any physical branches. If you are someone who prefers in-person customer service for support, Betterment is probably not the best choice for you.
• Cash back limitations. While any cash back on checking is nice, rewards with fewer restrictions would be better. You'll only qualify for cashback rewards with certain retailers rather than on almost all purchases, like the Discover Cashback Debit account offers.¹ <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p>

Betterment Checking fees

Betterment Checking vs. Betterment Cash Reserve

Betterment offers two banking accounts for everyday use: Betterment Checking and Betterment Cash Reserve. These are distinct accounts that aren't linked or opened together, though they share some similarities, like a lack of monthly maintenance fees and minimum balances. 

Cash Reserve is a high-yield cash management account, not technically a checking account, that's meant to serve as a sort of holding place for money you may want to invest. You can transfer funds easily between a Betterment investing account and a Cash Reserve account, making it ideal for money you don't necessarily plan to spend but probably want to use to purchase securities.

Betterment Cash Reserve also differs from the brokerage's checking account in a few key ways:

• It earns interest instead of cash back — up to 4.25% (as of Dec. 2, 2024) APY, to be exact.
• It requires an opening deposit of at least $10, and you have to invest with Betterment to qualify (which is not the case for the checking account).
• It offers extended FDIC coverage of up to $2 million through a network of program banks.

How to open a Betterment checking account

If you decide that a Betterment checking account is right for you, setting up an account is relatively straightforward. You must be at least eighteen years old and live in the United States full-time to complete your new account registration.

To begin setting up your account, you will need to complete the following steps:

1. Navigate to the Betterment checking page and select "Get started."
2. Choose the "Checking" option.
3. Fill out your information as Betterment leads you through the setup process.

When I set up my own Betterment account, I was able to go through the process in about ten minutes. Betterment first asked me for personal information like my address, phone number, date of birth, and Social Security number. It then prompted me to set up security questions and asked me a series of other questions such as my employment status, tax filing status, and investing experience.

You should plan on having as much of this basic personal information ready as you can. It is also helpful to have the information for the bank account from which you would like to pull your initial deposit. The company can also accept initial deposits via direct deposit, mobile check deposit, or from peer-to-peer payment platforms such as Venmo, PayPal, and Zelle.

How to withdraw money

You can withdraw money from your Betterment checking account by using an ATM to withdraw cash or by transferring funds to an account at a different financial institution.

Be aware that while ATM transactions will immediately change your account balance, electronic withdrawals can take longer to process.Therefore, you shouldn't assume your account balance reflects your actual available money, and you also shouldn't rely on Betterment if you need to access a large amount of money quickly.

For example, transfers to an external linked bank account may take up to two business days to be completed. There are other situations in which transactions can take up to six business days. Check the Betterment Transaction Timetable for more details so you have an accurate understanding of your account balance and the time it will take to withdraw your money.

Betterment customer service

To get help with your Betterment checking account, you can call the company's customer line directly at 718-400-6898. Customer service is available Monday to Friday between 9:00 a.m. and 8:00 p.m. Eastern.

You can also use Betterment's virtual assistant 24/7 for any basic questions you may have. I have asked the virtual assistant for help with depositing checks and finding account features, and I find it to be a generally easy-to-use and helpful tool.

Like many financial services offered today, Betterment operates entirely online, which means you won't be able to visit a physical branch for support.

FAQs

Bottom line

The Betterment checking account is a great option for anyone looking for an easy-to-use, everyday checking account. Although Betterment checking doesn't offer the in-person support some people may want, it does a great job offering convenient services such as mobile banking and reimbursed ATM and foreign transaction fees.

With all these features in mind, the Betterment checking account is comparable to those of the best banks. It is a good fit for anyone who wants the freedom of a debit card without minimum balance requirements, as well as for frequent travelers looking to use their debit card abroad without racking up tons of fees.

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SoFi Checking and Savings Benefits

• Earn up to 3.80% APY⁴ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits⁵ <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>
• No account, overdraft, or monthly fees⁶ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁷ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁸ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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